CalPERS was flying high at the end of 2005, when the largest pension fund in the country hit $200 billion in assets under management.
Officials at the fund went as far as to hand out custom “$200 billion” key chains (no, they weren’t made of gold). The markets have taken a toll, though, and assets are now below that watermark.
The California Public Employees’ Retirement System, Sacramento, had $195.7 billion on Oct. 13, down from a peak of $260.4 billion on Oct. 31, 2007, said Patricia Macht, spokeswoman.
But don’t return your key ring yet.
“We have a new idea for the key chains. Rename them the “CalPERS Keep the Faith” key chain as a reminder that, over time, markets do rebound,” joked Ms. Macht. — Raquel Pichardo
